Helical and Ashby Capital have secured a £140m facility with Allianz to finance the development of 33 Charterhouse Street in Farringdon, EC1.
The four-year facility has an option to extend to a fifth year, and the first drawdown is expected to be made in Q3 2020.
Helical and Ashby Capital also agreed to secure a new 150-year lease with the City of London for the 200,000 sq ft building.
The site was acquired by the jv in 2019 and is located adjacent to Farringdon Station and opposite the new Museum of London.
Planning permission has been secured for the development of 10 floors of office space and three ground floor retail units. Construction is expected to finish in 2022.
Tim Murphy, finance director of Helical, said: “We are pleased to have arranged this facility with Allianz, a new lender to Helical, particularly during the current uncertainty created by Covid-19.
“We look forward to working with them over the coming years as we set to work on delivering this exciting development opportunity.”
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